EU hot rolled coil (HRC) prices have increased slightly again this week, supported by firm domestic sentiment and limited availability. However, import activity has remained largely stalled, with only a handful of offers heard, as CBAM-related uncertainty, safeguard measures and the ongoing war in the Middle East continue to complicate trade flows. Market sources reported that only a limited number of deals, specifically for Algeria, were concluded during the past few weeks.
Most local HRC prices from mills in northern Europe, mainly for May and June delivery, have been estimated at €710-730/mt ex-works, against €700-735/mt ex-works last week. At the same time, the tradable price levels have settled at €700-720/mt ex-works, mainly the same as last week, with large volumes reported to have been sold at €700-705/mt ex-works for delivery in May and June this week, according to sources.
In Italy, offers from mills are estimated at €700-710/mt ex-works for May and June delivery, compared to €695-700/mt ex-works last week. Meanwhile, the tradable price level is estimated at €690-700/mt ex-works for delivery in May, up by €5-10/mt on week on week.
The import market has continued to show very limited activity, as only a limited number of fresh offers were reported by industry sources. Indicative offer prices for HRC have settled at €560-640/mt CFR, with the lower end of the range corresponding to ex-India HRC offers, while indicative offers for ex-Turkey HRC have been voiced at around €620-640/mt CFR, duty paid, but excluding CBAM costs, up by €20/mt week on week.
In the meantime, according to sources, following a deal for around 10,000 mt of ex-Algeria HRC signed around ten days ago at $700-710/mt FOB or around €640/mt CFR, excluding CBAM, a new deal for around 10,000-15,000 mt is reported to have been signed at $720/mt FOB, or around €640-650/mt CFR excluding CBAM.
Furthermore, offers for ex-Indonesia HRC through traders have been voiced at €680/mt DDP, while offers for other ex-Asia HRC have been estimated at €700/mt DDP and above.
“Market sentiment remains under pressure amid unresolved questions regarding the EU’s revised safeguard framework, especially the distribution of country-specific quotas. In parallel, insufficient visibility on CBAM-related costs is encouraging buyers to delay procurement decisions,” a market insider said.